Enagas wraps up $653 million bond issue

Spanish LNG terminal operator Enagas has completed the issue of 600 million euros ($653 million) in bonds maturing in 2034.

Enagas said in a statement that the bond issue, with an annual coupon rate of 3.625 percent, has had a demand five times the amount offered, which shows the “positive reception” the company has received in the capital markets.

Although the company has no relevant maturities until the end of the year, it has taken advantage of the “good” market conditions at the start of the year to carry out this issue, extending the average maturity of its debt and thus covering part of the upcoming maturities.

Enagas said the success of the placement, with respect to its redemption term and coupon, underpins the “good” financial position of the company, which avails of a range of sources of finance.

Following this operation and the planned cancellation of debt, 68 percent of the debt will come from the capital market, 9 percent from long-term institutional financing (EIB and ICO), 14 percent from bank financing and 9 percent from financial leases.

Enagas operates a large network of gas pipelines and has four LNG import plants in Barcelona, Huelva, Cartagena, and Gijon.

It also owns 50 percent of the BBG regasification plant in Bilbao and 72.5 percent of the Sagunto plant, while Reganosa operates the Mugardos plant.

Spanish LNG imports and reloads dropped last year, while total demand for natural gas in 2023 fell due to lower demand for power generation, according to Enagas.

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